The market stretched gains for the third week ended June 3 after the corporate earnings season, supported by positive global cues and good updates on monsoon progress. In the coming week, the market is expected to continue its uptrend amid volatility and monetary policy meeting but anything negative on the global front could spoil the trend, experts said
Nifty 50 gained 232 points or 1.4 per cent to 16,584 and Sensex climbed 885 points or 1.6 percent to 55,769. Broader indices also witnessed decent grip with the Mid cap index gained 257 points or 1.14 per cent to 22,775 and the Small cap index gained 763 points or 3% to 26,384.
IT stocks, capital goods, energy, metal, oil & gas, and realty stocks helped the volatile market post around one-and-a-half-percent gains. However, banks, power, and healthcare stocks were under pressure. IT, Energy and Realty were the biggest gainers and outperformed every other index, rising 4-5 percent. More than 670 of 920 stocks on the Small cap index closed higher during the week, of which top 101 stocks started out double digit returns in just five days of trade.
“Markets have been witnessing a rebound for the last three weeks, however, the move lacks decisiveness due to remaining challenges like global tightening due to inflation, geopolitical tension, etc,” said. Ajit Mishra, VP-Research at Religare Broking.
Foreign Institutional Investors (FIIs) continued net sellers to the tune of more than Rs 6,600 crore during the week, offset by Domestic Institutional Investors (DIIs) who bought Rs 6,845 crore worth of shares in the same period.
